Mindful Risk-Taking: In Life And In Business

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It’s 9AM. I am already starting my second cup of coffee, and I have just finished an hour and a half of reading other people’s articles while leaving thoughtful comments. This is what I have been doing for the past couple of weeks in hopes of driving more traffic to my site.

In the pursuit of any endeavor we can’t ignore the fundamentals. Knowledgeable, aspiring young bloggers know that you need to build relationships if you want to establish a loyal fanbase. This means visiting other blogs, replying to comments and e-mails, making your site look presentable, and providing consistency in content.

However, the fundamentals alone won’t get you the success you want, whether it is with blogging, starting a business, or with life in general.

Don’t get me wrong – the fundamentals are crucial – but you need that X factor if you want to take your work to the next level. In fact, with the competition, it is almost as if we need a Y and Z factor too.

So what do X, Y, and Z stand for? Well…that is for you to figure out. If I could tell you, then they would no longer be X, Y, and Z; they would just be any old information that any hack could get a hold of.

Risk-Taking

“Living at risk is jumping off the cliff and building your wings on the way down.”
- Ray Bradbury

Pat Flynn at SmartPassiveIncome.com makes a healthy living off blogging. He says he is not a millionaire, but he does make enough to support his wife and new baby boy. As a successful businessman, he says if you want to up the ante then you need to take bold actions.

In business or in life you really only have two choices:

A. Do you want to blend into the background?

B. Or do you want to stand out from the rest?

When asked this question, many will jump to their feet and scream, “I want to stand out from the rest!” But it isn’t that easy.

Standing out can be painful. It requires us to step out of our comfort zone, take risks, experience failure, and then still have the conviction and will to get back up again. Many won’t be able to get back up on that horse after only their first time falling. It can be that hurtful and dispiriting.

Mindful Persistence

Some folks believe that as long as you are strong and persistent in spite of your failures, then you can make it through anything. I’ve written about this before and I certainly still believe that commitment is a strong value to have during any endeavor.

But what if your failure isn’t due to you or any lack of skills? Maybe you keep getting thrown off because there is something wrong with the horse? How do you know when a failure is due to your lack of commitment or if it is the pursuit in itself that fails?

That is why I propose mindfulness, a concept I discuss very frequently on this blog. Mindful persistence means knowing when to be persistent and knowing when to ditch an idea completely.

We need to know when to attribute a failure to our self and when to attribute a failure to uncontrollable circumstances. If the problem is something inside ourselves, then we need to stay persistent, do research, keep failing, and eventually learn the tools of the trade. If the problem is an uncontrollable circumstance then it is time to accept a change in strategy.

“Test fast, fail fast, adjust fast.”
- Tom Peters

What risks am I taking?

As a 21 year old, my biggest resource is not money or experience but how I spend my time. I graduated college a semester early so that I could get a jump-start on what I wanted to do. Even before I chose to major in psychology I knew I wanted to make a living being self-employed, without any concerns for bosses and strict deadlines.

My biggest risk thus far is my decision to remain unemployed and devote my full-time towards this site. I am now working on my first ebook, which is going to be my first bold step forward in monetizing my work.

Some may think I am naive or foolish, but I see things in my future that I cannot expect others to see for me. That is a big part of what makes a risk a risk. I am willing to step out on that limb.

Ask yourself, “What risks am I taking?” What things are you looking to put on the line and what do you think you can achieve in return?

Join me for the ride

This blog is as much about improving myself as it is about improving the world. That is one of the major themes throughout my writing. I provide a lot of free and useful content on this site and I want to encourage people who have a similar attitude to join my newsletter, where I share my latest posts along with articles and videos from all over the internet. If you click on that link you can also check out the latest issue of my newsletter and get a taste for the types of things to expect in the future.

Share and Enjoy:

Tags: Action, Blogging, Commitment, Entrepreneurship, Inspiration, Life, Mindfulness, Motivation, Persistence, Philosophy, Risk-Taking, Strategy

Blogging, Entrepreneurship, Goals | Steven Handel February 1, 2010

36 Comments to “Mindful Risk-Taking: In Life And In Business”

By Dave @ 30DaysAtaTime, February 1, 2010 @ 1:38 pm

Nice article,

The thing people always overlook when they talk about risk taking is the inherent risk of NOT taking risks. By being risk-averse, people ensure that they will avoid failure, but also ensure that they will avoid radical success. By overlooking this hidden risk, it can be easy to evaluate risks incorrectly.
By Wilson Usman, February 1, 2010 @ 7:22 pm

Its awesome that you are taking a risk. If you look at anyone that has succeeded in anything they took risk. As long as you believe you can’t fail there is no risk, and if you can define what you are risking before you do anything then you won’t be shock of the consequences because they weren’t unexpected. Risk but have a plan B and C just in case A doesn’t work.
By Jannie Funster, February 1, 2010 @ 9:49 pm

I agree with the mindful persistence. Somedays it seems like nothing but an uphill battle that may or may not be paying off. But we just gotta keep moving forward. One connection at a time. One day at a time. Sooner or later the work has to pay off.
By Sam, February 2, 2010 @ 12:20 am

Sometimes what it takes to really get an idea out of the planning stage and into the “doing” stage is the raising of stakes. By setting yourself up to take a risk you are helping remove any crutches. If there are real consequences for failure I think the problems of motivation or procrastination are remedied and focused improvement can be made.

Good article and thanks for sharing.
By Durkin, February 2, 2010 @ 8:33 am

Hey great site you have here, keep up the good work and thanks for posting on my blog.

Durkin
By Hulbert, February 2, 2010 @ 4:46 pm

So what’s the Y and Z factor? Just kidding… I agree Steven that we need the fundamentals to make a successful blog, including blog commenting, having a presentable website, and writing consistent content, but we also need to have that “something else” that makes us stand out – whether it’s drive, creativity, or even being very opinionated – it’s something that’s going to set us apart from the thousands of other blogs out there. How do we find this out? I believe that it will come to us naturally through our experiences of taking action.
By Robin Ong, February 2, 2010 @ 6:56 pm

Got your encouraging comment in my blog and thanks. On risk, I suppose all of us are taking a certain level of risk in our daily life. It’s all about how much we would like to move out from our comfort zone to have a more colorful lifestyle that make taking risk so much more inspiring.
By Dave Know, February 2, 2010 @ 7:00 pm

What a great motivational post that I bookmarked! I think posting and interacting are apart of the game. My motivation comes from nature. As the lessons to follow are all before us as the do in the wild. I know that might sound crazy but hey that’s my Y and Z factor. Let the rain wash you clean and let the river take you on ride. Check out Two-Factor Theory: You’ll Like This Info. If You’ve Not Read It Already.

The two-factor theory (also known as Herzberg’s motivation-hygiene theory) was developed by Frederick Herzberg, a psychologist who found that job satisfaction and job dissatisfaction acted independently of each other. The theory states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction.

-Source: http://en.wikipedia.org/wiki/Two-factor_theory
By Steven Handel, February 2, 2010 @ 10:06 pm

@Dave – That is really an excellent point. I believe economists call it the “opportunity cost.” This also reminds me of a great Richard Bandler quote,“The greatest personal limitation is to be found not in the things you want to do and can’t, but in the things you’ve never considered doing.”

@Wilson – That is a very good point too. Back-up plans are important, and like I say in the article: persistence in one plan isn’t smart if we’re not mindful of where that particular plan is taking us.

@Jannie – Yep, take it moment-by-moment, step-by-step, decision-by-decision.

@Sam – More good ideas. I guess you could also say that there is a risk inherent in all actions, which I believe there is.

@Durkin – Thank you Durkin, I like your Faycebook blog too – its very clever.

@Hulbert – Couldn’t agree more!

@Robin Ong – I think you’re right

@Dave Know – Job satisfaction and dissatisfaction work independently of each other? How is that logically possibly if you consider satisfaction to be a single spectrum? I’ll check out the theory.
By Charley Forness, February 2, 2010 @ 10:45 pm

If people think you’re foolish for taking a risk, f*ck ‘em. If this is your passion than give yourself two years and work it everyday. That doesn’t necessarily mean publish a new article everyday, but you should write every day. You should keep networking, writing guest posts, leaving comments, reaching out to touch other readers. I’m not telling you anything you don’t know. I’m giving you encouragement to do it. This coming from a 37 year old father of three. I wish I had started 16 years ago. Failing that, the best time to start is right now.

- Charley
By Ray, February 3, 2010 @ 10:15 am

I say go-for-it. You’re only 21, and now is the time to take chances, to grab for the gold ring. Write your blog, and write your e book. Keep pushing and make yourself known. It’s only failure if you don’t even try. Having said that, I am not 21. I am about tum turn 55 and now I need a nap…lol
By jonathan figaro, February 3, 2010 @ 10:49 am

I say Jump off the cliff and grow your wings on the way down. Nice post!
By Marc Winitz, February 3, 2010 @ 12:13 pm

Steven, you are definitely on the right track. Just keep doing what you are doing here. Reading Ray’s and Charley’s comments make me laugh as I too will give the \father time\ advice being slightly older than you …Life has a way of getting expensive as you get older. You are right, your most valuable commodity right now is your time. Time is like money. Getting older means a mortgage, a family, and the expectations and expenses that go along with that. And it is all great, but it is not conducive to extreme risk taking. You have nothing to lose other than your time right now but it is a mitigated risk because you don’t have the other constraints I mentioned. Go for it, you won’t be sorry. And the outcome doesn’t matter. Either way you will have learned and become better for it. Good luck!
By Fatibony{self help wellness}, February 3, 2010 @ 7:14 pm

Life in itself is a risk anyway , love this post … its needed every now and then to keep the momentum on..

I Love the Quote too and the idea of Bold actions ….. it sounds like you are heading in the right direction ….

Awesome Post ….
By James Howard, February 3, 2010 @ 8:33 pm

Hey Steven,

I have to say your time spent commenting on blogs was not wasted as it has brought you a few visitor here for you already by the looks of it.

Failure can be a good thing, the more times you fail the more you eliminate methods that don’t work.

As Thomas Edison said
“I am not discouraged, because every wrong attempt discarded is another step forward.”

Sometimes however hard you try things just don’t work, so it’s time to move on until you find something that does work for you then leverage that.

I am not saying to just drop things that you have not given your all, as you will just end up going around in circles like that. Find someone who has been there and done it is the best way forward, learn what you can from them and apply it.

As long as you are taking positive action you will get there in the end.

All the best,

James
By Dan @ Anxiety Support Network, February 3, 2010 @ 9:55 pm

Well, this is wonderful that you are done with school early and are attempting to do what you want to! I am finishing up with grad school (can’t wait to be out!) and have decided that I am going to become an entrepreneur, possibly through blogging.

Like you, I struggle with the idea that possibly uncontrollable circumstances may be pushing me out of blogging, or perhaps, I am simply taking the wrong steps at this point. It’s a fine balance deciding which is happening, but I have learned to accept where I am, pray for guidance, and then keep taking actions, knowing that either I will end up learning a lot and moving on to the next thing that may be a success, or being a success right now! It’s hard to say which will happen, but I always believe that success happens to those who continue to pursue it.

Some of the great businessmen and entrepreneurs of our time failed many times before things worked out. So, good luck to you in your blogging endeavors!
By Steven Handel, February 3, 2010 @ 10:47 pm

@Charley – Thanks a lot. Those are very encouraging words!

@Ray – Haha Ray, don’t worry about it, us young guys take naps too! That being said I think it is never too late to follow your dreams. It may be more difficult when you are older, but think about it – you also have THAT MUCH more life experience to guide you.

@jonathan – I really love that quote. Badass.

@Marc – Thanks for the reality check. I know I need it every now and again.

@Fatibony –

@James – Great advice! I am certainly glad to see all these valuable comments on my blog post. They really add something.

@Dan – That is exactly how I see it. You only live once and this is our time to shine. If things don’t work out as planned – so be it – life goes on. As long as we continue to draw from the never-ending well of happiness, creativity, and meaning we will always live rich lives regardless.
By Briesauce, February 3, 2010 @ 11:12 pm

I once used to think of myself as a risk-taker, but now that I am a father of 2 little boys, I don’t take that big of risks.
By sord87, February 4, 2010 @ 3:18 am

You have a point there.Everyone has to take risk in order to achieve future goals,but Do not simply taking risk without any deep thinking,learning or maybe some thorough research for what we want to do next.
By Jackie, February 4, 2010 @ 8:48 am

Regarding mindful persistance, in addition to being aware and analytical, sometimes we just plain old need to get help. Getting help from others who have been successful at what we’re trying to do can sometimes be that last little thing we need.
By Steven Handel, February 4, 2010 @ 10:22 am

@Briesauce – Sure you could still take risks. It is all about what you are risking. I am not saying go out and gamble your house for ten million dollars. But try using your time in different ways and see where it brings you.

@sord87 – Definitely: that is why I am recommending an element of mindfulness.

@Jackie – Certainly! There is a huge power and reaching out to others who are already established in a particular field and seeing what we can extract from their brains (like zombies!)
By Mike July, February 4, 2010 @ 10:35 am

Thanks for visiting my new site and commenting. If you don’t mind me asking, how did you find me?

This advice in your post is excellent – especially coming from a younger dude like yourself. The fact that time is your greatest and scarcest resource is an ideal that is largely lost on today’s young adult. Kudos for recognizing that and articulating it so effectively.

I think the readers of my site will like what you have to say; I will add your site to my blogroll.
By Nick Thacker, February 4, 2010 @ 1:30 pm

“This means visiting other blogs, replying to comments and e-mails, making your site look presentable, and providing consistency in content.”

Well-said, Steven! That’s how I found your blog, and I love it so far! You have a unique writing style and I’m going through older posts now. I’ll be around again.

Thanks,
Nick
By Sam Ben-David, February 4, 2010 @ 4:18 pm

Nice article dude!

Taking the risk is always a powerful thing to do……but the worst thing you see people do is call it…a risk!! By doing that you attach so much negativity and bad emotions to it. Instead it be great if people took out the word risk and replaced it with…..”Taking a leap to achieve amazing success”. The words we use connect so much meaning to it.

Great article mate, will be signing up to your blog in a minute!

Sam
By Aaron Taylor - HelpCreatePlan, February 4, 2010 @ 7:18 pm

Mindful risk taking, stepping out of the comfort zone. That is definitely the thing.Its interesting to observe young fresh graduates coming into my place of work and watching those who can ’step out’ as it were – those are the ones who FLY to the top whereas the others take it easy, keep there heads down and drift along.

Enjoyed this post very much.

@Sam Ben David – I like the idea of replacing the word ‘risk’. The word risk does instantly put you on the back foot.
By Randy @ Just Point and Shoot, February 4, 2010 @ 7:43 pm

Great article, I’ve learned time and time again, taking risks is necessary to make it anywhere near your goals. Even more so than taking risks, I think it’s about staying away from the comfort zone.

Right now I’ll be honest I’m not risking much with my own ventures, though I don’t think I need to take a while lot of risk yet. I have backup plans and a full time job I’m holding onto until I’m sure I’m ready to quit. But I’m nowhere near my comfort zone, it’s off in the distance and getting smaller.
By Jim Hardin, February 4, 2010 @ 11:00 pm

Best time to take a risk is now and it is great that you are doing it. If you don’t take risks where will you be? Well maybe no where. If you really want to succeed you need to go out on a limb sometimes, get out of the comfort zone and thats when you will achieve.

To your success! You have a great start. Now I just have to find X, Y, Z
By Kat Fulton, February 5, 2010 @ 1:36 am

Anais Nin: There came a time when the risk to remain tight in the bud was more painful than the risk it took to blossom. Thanks for sharing your blog! And thanks for noticing my music & health blog.
By ayo, February 5, 2010 @ 2:18 am

hi steven,
how are you?
you’ve got resourceful articles on your blog and i love it!!!!
i quite like your concept of risk taking and mindfulness. i have taken a few risks in the past(and is still taking ) and they’ve either paid off, provided an experience or taught me something contructive even if it means chucking away the idea after a while.
your description of mindfulness is spot on!!! ‘Mindful persistence means knowing when to be persistent and knowing when to ditch an idea completely.’

have a lovely day.

ayo
By Rocky | R O C K O N O V A .COM, February 5, 2010 @ 10:12 am

mindfulness!

I definitely agree that yes we gotta fail and then either go on or make decisions quickly to change.

Good luck with your book !
By Steven Handel, February 7, 2010 @ 12:40 am

@Mike July – I believe I found you on Problogger.com. Thanks for the support!

@Nick Thacker – Thank you, thank you, thank you!

@Sam Ben-David – I like that! Thanks for the input.

@Aaron Taylor – Thanks for the compliment!

@Randy – You sound like your in a good place. Just don’t be afraid to stir things up if they get a little too dry.

@Kat – No problem! Love your blog too!

@ayo – Glad to hear you got something out of it!

@Rocky – Thanks man! Good to see you on here.

@Jim – Haha Jim – thank you!